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310 stories
In the first quarter of 2022, Abu Dhabi’s non-oil international trade was $16.74 billion (AED 61.522 billion), up 15% over the same time in 2021. Exports increased by 35% in the first three months of the year, reaching AED 24.449 billion, compared to the same time in 2021. Non-oil trade increased by 15% to over […]
The US dollar ($) remains at a two-decade high. Investors await new inflation data to determine how aggressively the Federal Reserve needs to tighten monetary policy to keep increasing prices in line. On Tuesday, gold prices reversed course and plummeted as the dollar strengthened again. Silver declined 0.8% to $21.61 per ounce on the spot […]
The NOPEC (No Oil Producing and Exporting Cartels) Act was passed by a Senate subcommittee on Thursday with a 17:4 vote. The measure is meant to safeguard American consumers and companies from artificially inflated gasoline and heating oil prices, but some analysts warn that enacting it might have unexpected effects. This bill is now passed […]
Elon Musk’s $44 billion Twitter acquisition is allegedly being investigated by the US Federal Trade Commission (FTC) for possible antitrust violations. Musk must inform the FTC and the Justice Department of the purchase and wait at least 30 days before closing to allow for an examination into any antitrust problems, according to US merger legislation. […]
Following the US Federal Reserve’s decision to increase rates, the Central Bank of the UAE (CBUAE) has decided to raise the base rate for the overnight deposit facility (ODF) by 50 basis points (bps), effective May 5, 2022. This is the second time the rates have been raised this year. The UAE Central Bank’s base […]
Uber, the ride-hailing and delivery service, has lost $5.9 billion (£4.7 billion), owing to its investments in other businesses. However, Uber Technologies Inc said on Wednesday that it did not need to increase incentives to attract more drivers and that the second quarter would be strong. Uber shares fell 9% in early trade. Investors were […]
Arvind Krishna, Chairman and Chief Executive Officer of IBM (International Business Machines Corporation), has been elected to the Federal Reserve Bank of New York’s Board of Directors. Krishna will fill the vacancy in the office for the remainder of a three-year term ending December 31, 2023, according to the New York Fed. The Federal Reserve […]
Institutional investors flocked to buy shares in India’s state-run insurance giant Life Insurance Corporation (LIC) in a $2.75 billion (£2.18 billion) initial public offering. Bidding for anchor investors began on May 2, but the general share auction begins on May 4 and ends on May 9. Because of the Ukraine crisis and the outflow of […]
According to the World Bank’s newest Commodity Markets Outlook report, the war in Ukraine has thrown a big wrench in commodity markets. It has caused global patterns of trade, production, and consumption to shift in ways that will keep prices at historically high levels until the end of 2024, causing stagflation. It is a condition […]
According to the latest government data, Japan’s average employment availability ratio improved for the first time in three years in fiscal 2021, owing to the steady economic recovery from the effects of the coronavirus outbreak. The world’s third-largest economy has been battling to recover from the COVID-19 pandemic, with the Ukraine conflict aggravating the troubles. […]
Vy Capital and Sequoia Capital led a $675 million fundraising round for Elon Musk’s tunneling business Boring Co. According to a press release issued on Wednesday, the round values the firm at $5.675 billion. The round also included Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. The Boring Company (TBC) was founded […]
Dubai’s Department of Economy and Tourism (DET) revealed in its first-quarter report that the Business Registration and Licensing (BRL) sector has issued 24,662 new business licenses. That marks a remarkable 58% growth compared to the first quarter of last year. In Q1 2021, BRL issued a total of 15,850 licenses. According to the report, professional […]
